New Model Adviser - For professional financial planners

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

AJ Bell CEO: there will be six more months of replatforming pain

IFAs will have to endure another half year of replatforming trouble by provider-owned platforms, Andy Bell has said.

IFAs will have to endure another half year of replatforming trouble by provider-owned platforms, AJ Bell chief executive Andy Bell has said.

In an exclusive interview with New Model Adviser®, Bell said he had sympathy for the bosses of provider-owned platforms going through the replatforming process. AJ Bell completed its replatforming in 2014.

'I have sympathy because we had our challenges when we did our replatforming. It’s good that it’s a long time ago,' he said.

'It probably took us a full 18 months before we really started seeing the benefits in terms of improved operational margins and cost savings. But I would say advisers need to expect six months of teething problems and I think it is just an industry challenge.'

Platform technology has posed a real challenge to provider-owned platforms of late, with several big firms experiencing difficulties.

Aviva and Aegon in particular have both suffered. At one point Aviva UK chief executive Andy Briggs was forced to apologise to IFAs for delays in its service being relaunched. Aviva has since set up a remediation team to deal with specific problems.

Share this story

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
More Content
7277.73 + 47 0.65% 04:35
More Content
More Content

BUSINESS

Adviser Profile: Nicky Wright and Barry Greening of Clear Financial Advice

Adviser Profile: Nicky Wright and Barry Greening of Clear Financial Advice

Nicky Wright has helped Barry Greening overcome personal adversity to transform Clear Financial Advice into a firm that makes the most of its employees’ varied skills

ADVICE

22 Comments Active Wealth (UK) collapse leaves £500k PI mystery

Active Wealth (UK) collapse leaves £500k PI mystery

Our investigation into the collapse of a firm at the centre of the British Steel pension transfer scandal reveals significant holes in the professional indemnity insurance system

twitter_banner

INVESTMENT